A.C. Perugia were founded on 9 June 1905, after the merger of U.S. Fortebraccio and Libertas.

Promotion to Serie B in 1966 would mark the beginning of one of the club's most successful periods. Perugia spent the next eight years in Serie B before promotion to Serie A for the first time in 1975.

1933–34 Perugia

In the club's first Serie A season, Perugia finished eighth with 31 points- just short of a European place. Star players in the side included defender Pierluigi Frosio and midfielders Renato Curi and Franco Vannini. The side remained in the top half of the table for the rest of the decade, finishing runners-up in 1979 with 11 wins and 19 draws, resulting in the only unbeaten side not to win a title. However, tragedy and scandal marred this period. In 1977, Curi died of a heart attack during a league match with Juventus, while Vannini's career was ended by injury in 1979. The Totonero scandal in 1980 led to a 5-point penalty and relegation in 1981. Ilario Castagner was coach during this period.

The club spent the first half of the 1980s trying to get back to Serie A, nearly succeeding in 1984–85. Another scandal in 1986 forced Perugia down to Serie C2. It was during this time that Fabrizio Ravanelli would be discovered, he would later go on to a career with Reggiana, Juventus, Middlesbrough and several other clubs before returning to Perugia.

The controversial and eccentric Luciano Gaucci took control of the club. The side returned to Serie B in 1994 and under the guidance of Giovanni Galeone reached Serie A in 1996. Perugia started well before Gaucci's decision to replace Galeone with Nevio Scala. The side's form subsequently declined before a late rally gave them a chance of survival- a 2–1 defeat at Piacenza in the final round sealed their fate. With Castagner back in charge, Perugia won a play-off with Torino to secure a return to the top flight.

1974–75 Perugia

The next six seasons saw Perugia hold their own in Serie A with foreign imports including the Japanese international Hidetoshi Nakata in 1998.[2] The team came under scrutiny when Gaucci criticised and eventually terminated the contract of his own player, Ahn Jung-Hwan of South Korea, for scoring the golden goal that knocked Italy out of the 2002 FIFA World Cup, and allegedly insulting the Italian nation. Ahn's national manager Guus Hiddink spoke out against the sacking.[3] Following the outcry, Ahn's sacking was reversed, but by then the player himself expressed no desire to return to the club anymore.

The new chairman Vincenzo Silvestrini had re-established the club in 2005 as Perugia Calcio.

Perugia Calcio logo (2005–2010)

After a takeover, in 2009 Perugia Calcio property passed to Perugian entrepreneur and former Pisa owner and chairman Leonardo Covarelli. On 21 May 2010 the Court of Perugia declared the bankruptcy of Perugia Calcio srl.[6] Nobody decided to take over the society at the subsequent auction[7] and on 30 June 2010 the club was unable to join the Italian third level championship 2010–2011. The Italian Football Federation decided on 8 July 2010 to revoke the affiliation of the bankrupt Perugia Calcio Srl.[8]

In summer 2011 the club was renamed Associazione Calcistica Perugia Calcio, thus becoming a professional company, to play in the Lega Pro Seconda Divisione/B obtaining immediate promotion to Lega Pro Prima Divisione.
On May 4, 2014, beating Frosinone 1–0, A.C. Perugia won the 2013–14 Lega Pro Prima Divisione championship and gained promotion to Serie B after a 9-year absence from Italy's second highest football division.